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apple developer enterprise account for rent:Moody’s: Suez Canal closure can affect up to 15% of world traffic

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,Caught in the middle: A satellite image showing the cargo ship ‘MV Ever Given’ stuck in the Suez Canal near Suez, Egypt. (Inset) Workers are seen next to the container ship. — AP/Reuters

KUALA LUMPUR: Moody’s Investors Service estimates the temporary closure of the Suez Canal affects around 10%-15% of world container throughput, depending on how global and regional volume is calculated.

The rating agency said on Friday currently the supply chains are highly vulnerable to even the smallest of external shocks due to the very high consumer and industrial demand, a global shortage of container capacity and low service reliability from global container shipping companies.

“In that context, the timing of this event could not have been worse, ” it said, referring to the March 23 incident where the container ship Ever Given ran aground and became lodged across the Suez Canal, blocking passage through a vital waterway for global trade.

“It is unclear when the ship will be refloated and the canal will reopen, raising the prospect of further delays to already strained supply chains, particularly for European manufacturers and automakers, a credit negative, ” it said.

Moody’s said the implications of delays for global supply chains would, under normal circumstances, not be a big issue. However, this was not the case due to the current highly vulnerable supply chains.

Ever Given is a so-called ultra-large container ship with a capacity of 20,100 twenty-foot equivalent units (TEUs), spanning 399 metres long and 59 metres wide. It is owned by Japan's Shoei Kise Kaisha and leased out to Taiwanese container ship company Evergreen.

The canal, which connects the Mediterranean to the Red Sea, is part of the Asia-Europe trade lane and provides the shortest sea link between the two continents.

Ships that were about to enter the canal will soon need to decide whether to turn back and use the alternative, longer route around the Cape of Good Hope. That would add around 10 days to their journey compared with the main route that includes the Suez Canal.

The effect of delays on individual sectors is hard to quantify because of the uncertainty over how long the canal will be blocked.

“However, we believe that Europe's manufacturing industry and auto industry, including auto suppliers, will be most affected. This is because they operate ‘just-in-time’ supply chains, meaning they do not stockpile parts and only have enough on hand for a short period, and source components from Asian manufacturers.

“Even if the situation is resolved quickly, port congestion and further delays to an already constrained supply chain are inevitable” it said.

Moody’s said alternative modes of transportation are more or less out of the question, because airfreight capacity is already tight owing to the coronavirus pandemic and rail transportation between China and Europe is very limited.

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